With Republicans in control of the U.S. Senate, the U.S. House of Representatives and the White House starting in 2017, the federal government is now better positioned to move forward on comprehensive tax reform, with...more

The election of Donald Trump and Republican majorities in U.S. Congress make the future of the federal transfer tax system (gift, estate and generation-skipping transfer (GST) taxes) uncertain. President-elect Trump and...more

In this webinar, Steve Gorin, the author of his quarterly newsletter, will discuss the proposed regulations under IRC § 2704 that would increase the valuation of business entities in many cases. Attendees will learn when the...more

A controversy is brewing over whether a Hungarian trust is a true trust, or just a type of contract. Istvan Illés and Charles E. Rounds, Jr. conclude that it is not and explain the rationale for their conclusion in a law...more

GOVERNMENT CONTRACTING -
Category Management: What Contractors Need to Know -
In December 2014, the Office of Management and Budget (OMB) announced a new initiative called Category Management. This policy could...more

In Depth -
From 30 June 2016 all UK companies (other than most listed companies) and LLPs will need to include details of persons with significant control or influence (“PSC”) on their annual confirmation statements...more

A family feud recently unfolded in the Connecticut probate court, a typical venue for family feuds to play out after the death of a successful business owner. That is the case especially when a contested will is produced...more

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

The transition of a family owned or closely-held business is an important event for families. In a prior article, we covered the issues that a business owner faces in general in preparing a succession plan. This article will...more

Let’s face reality. We are all going to pass on someday, so we might as well be prepared and lessen the burden for those following behind us. One of the first steps in effective succession planning is to gather in one place...more

When Governor McCrory appointed Judge Gregory McGuire to the Business Court, I doubt that he had any concern whether Judge McGuire had any expertise in the area of trusts and estates. After all, that area of law is not...more

One of the most important factors to consider in any business succession plan is the timing of the transition of ownership. Whether a sale or a gift (or combination of the two), no transition should occur before the next...more

On March 15, 2014, the Hungarian Parliament enacted into law the New Hungarian Civil Code (NHCC). The NHCC creates out of whole cloth a civil law fiduciary asset-management vehicle (FAM) that in form and function bears some...more

Action Item: It is anticipated that Treasury will soon issue new regulations that will affect the valuation discounts applicable to intra-family transfers of interests in closely held entities. It may be advisable to review...more

In re Estate of House, 2014 Wash. App. LEXIS 3006 (Wash. Ct. App. 2014) -
A release waiving any and all claims that the parties may have or may acquire, bars recovery for unknown claims existing at the time the release...more

In the business world, the unexpected can happen. That is just a fact of life. There are many ways this principle can apply, but we’ll speak here specifically about the unexpected departure of a business owner or corporate...more

MAJOR FORMS OF BUSINESS ORGANISATION -
A foreign company or investor proposing to establish a business in New Zealand may choose from a number of different entities or forms of business organisation. Each of these...more

Four years after enacting the largest tax increase in Connecticut history, the Connecticut General Assembly has adopted a new $40.3 billion biennial state budget that contains $1.5 billion in tax and fee increases.
Few...more

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” ? Abraham Lincoln -
Your company is built to last. But when you are ready to step back and let go of the reins, will the next...more

In This Issue:
- The Importance of Accredited Investors for Small Business Capital Formation
- “All Appropriate Inquiries”: Update on the Environmental Due Diligence Standard
- A Hunt for Justice Erodes...more

From unwanted business partners to burdensome estate taxes, the death of a business co-owner can have negative implications for surviving owners as well as for the estate of the deceased. A well drafted buy-sell agreement can...more

NUMBER OF THE WEEK: $1.4 Trillion. The estimated total of individual income taxes the Internal Revenue Service is expecting to collect on April 15. The U.S. House of Representatives has returned from recess and is planning to...more

Trusts administered outside California often are susceptible to not filing California income tax returns. This is because California has an atypical legal threshold for filing: trusts must file if a trustee or beneficiary...more

Business trusts have been recognized by the Delaware common law since 1947, however, there was no express statutory recognition of the business trust in Delaware until the passage of the Delaware Statutory Trust Act...more

Over the past 10-20 years, a large number of secured equipment finance and asset securitization transactions have been structured using either a Delaware Statutory Trust (a “DST”) created pursuant to the Delaware Statutory...more

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